After lasting from the beginning of the week rally that reached a level of around 0.7760 ,as a result of the US presidential election, in which unexpectedly won Donald Trump was a strong appreciation of the US dollar relative to the Australian and AUDUSD currency pair recorded dynamic drops, which defeated the line of upward trend running from the beginning of the year . If in the near future demand does not negate the breakout, we expect the declines to continue at least in the vicinity of local support 0.7455.
Following the rejection of the local resistance 1.1131 and the downtrend line from the beginning of the week we observed declines, and although the emergence of the first survey of the election results, which showed an overwhelming defeat of Hillary Clinton the market tried to even knock out top after the announcement of the official results, and speeches of Donald Trump everything is back to normal. As a result of week-long decline we find ourselves now in the vicinity of local support 1.0843, the defeat could pave the way for further declines in the vicinity of support zone between 1.0735 level and lower bound lasted almost two years triangle formation.
By the vast majority of last week we observed dynamic drops, which on Friday defeated the support of 0.7182 and the growth trend line and reached up to around the level of 0.7116. And if this level is defeated, then we could expect declines to continue at least in the vicinity of 0.7038 although it seems very likely that we first should expect correction and re-test of the aforementioned 0.7182 level.
Following the last week rejection of local support 102.70 throughout the past week we saw dynamic growth which on Wednesday defeated the October highs thus opening the way for further growth. In the near future we expect a test of support area around 107.30 level, which would appear to be very strong supply-side response.
According to many of my projections after reaching last week in the vicinity of resistance 1305.10 appeared strong supply response, which resulted in very dynamic declines. Last Friday, the market overcame the October lows, and we were the lowest since June. In the near future we can expect continuation of declines in the vicinity of 1199.76.